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were to run $600 billion deficit for the next 10 years, by the end of that, the debt -- it would lower our gdp forecasts. if we were to cut with the fiscal consolidations that $600 billion deficit to $300 billion, we would be buying future generations gdp growth in the long run. by about half a% per year. it is ultimately a question of what kind of world we want to live in 10 years from now. if you want to look like the way europe has been growing, we will have a small consolidation, such as the small consolidation proposed by the president. if you want to have the kind of growth that i hope we can have with a bigger consolidation, that one is being proposed by speaker boehner. >> thank you. >> i would like to focus on something that is probably more of interest to the economists and ordinary people. let's talk about ratios. what i heard you lay out, dr. zandi, was more of an ideal situation. they get you at roughly at $3 trillion. deficit-reduction over the course of 10 years. you went on to add the $1.20 trillion over last year's negotiations on the debt ceiling. the negotiations ove
money, and then on everybody else. not so he can lower the debt or the deficit, but so he can spend to his heart's content. for months, the president has been saying that all he wanted to raise taxes on the top 2% so he can tackle the debt and the deficit. however, yesterday, he finally revealed that that is not really is true intent. by demanding the power to raise the debt limit whenever he wants, by as much as he wants, he showed what he is really after is assuming unprecedented power to spend taxpayer dollars without any limit at all. this is not about getting a handle on deficits or debt or him. it is about spending even more than he already has. why else would you demand the power to raise the debt limit on his own? by the way, why on earth would we consider giving a president who has brought us four years of trillion dollar unchecked deficits of 30 to borrow? he is the last person who should have borrowing power. the only way we will cut spending around here is by using the debate over the debt limit to do it. now the president wants to remove that to cut all together. of cou
to make sure that the wealthiest in this country help pay down this large deficit. >> will the democrats just wait? >> we have a lot of discussions going on in the senate and the various places. we know what the parameters are and the speaker knows what the parameters are. the president is ready, willing, and able to sit down and seriously negotiate with us but they have to be willing to come to the table with specifics like he is doing. >> we have done something. if you look at either proposal, they want every tax rate to go up. we all agree that group of rates should not go up. we just disagree on the top 2%. let's go where we agree which would be the current rates and make sure the folks in the middle class don't have an increase. we all agree on that. but they want more and more. we are saying that you have to start somewhere. they don't want to use the procedure to allow their own people to vote on it. they are holding the american people, the middle-class hostage for small issues they want to fight on and play the press war. we agree on these rates to be lower. we just disagree on
the incentives. we do so much money that you can reduce the deficit significantly, lower the rate, still have the group you are asking to pay more, pay more if you're willing to broaden the base. the point i would make is that as difficult as it is, we should use this opportunity to think about what a most sensible tax system is, and one of the pieces we have made progress on, which will have real revenues as a budget deal, and that along with spending and economists is critically important. no matter how we raise or how much we raise the revenues, a small or big enough, we should strive to raise that in the most efficient way possible, and that is including tax reform as part of this overall deal is a critical part of growth. and shouldn't be lost in the mix. >> david, do you want to get in? >> i want to echo a number of the comments, because the way i describe it is if we had actually been trying to develop an incomprehensible, confusing, and globally uncompetitive system which could not have done -- system we could not have done a better job than what we got. there is a something to the pr
there will be a benefit, which means we do not have these deficits. in the fullness of time, whether a struggle last summer was worth it, if we have the spending cuts and deficits are lower, it might have higher economic growth in the long run because we went to that struggle last year. >> your position is that we should be ready to go through that struggle again and to call upon the national debt is necessary in order to enforce spending limits? >> that, of course, is not my position. we should never default on the national debt. the politics of debt reduction, which you on the better than me, are very difficult. i am not a political expert. if there is something we need to do that helps deficit reduction occur, i am not willing to stop process. >> you are saying defaulting of the national debt might be something we need to do now and then? >> no, sir. we do not default last summer. >> we did not. but we might in january of february. is it your position that we should be willing to default on the debt if that is necessary in order to force spending cuts? >> i would not be willing to default on the
with the president and other ceo's to discuss the impending crisis. we even published their own study on the deficit, copies of which are available here today. we look forward to continuing this conversation, keeping the dialogue on going for the next month is critical if we're going to solve this problem -- and we think our panel will be very enlightening in terms of what the issues are. so, al, with that i will turn it over to you and the panel. we look forward to reproductive hour. thank you very much. >> can everybody hear? i welcome you all to bgov -- if you do not know as much about it as you want, i invite you to stay, because it really is a fabulous place. we do have an all-star panel. i will start with my left, which is where bob corker says i always start. tim pawlenty, former governor of minnesota. i wrote that i thought that if he could get the nomination he would have been the strongest republican presidential candidate. i was absolutely right -- we just could not figure out how to get there from here. tim is now the head of the financial services round table, a job he took just about a
, we have seen record deficits and a record debt accumulate, and yet he keeps demanding that we raise taxes to pay for more spending. this will only hurt our economy. ernst and young has done an analysis of the president's proposal and said it will cost several hundreds thousands of jobs. there is a better way and the speaker has laid it out. it is an approach that calls for tax reform by reforming the tax code and passing responsible spending cuts in order to get our fiscal house in order. that's what america wants. this is our opportunity to do the big things. this is our moment to provide that leadership that america desperately wants and we stand here ready to take the action necessary. >> the american people are hurting right now and now is the moment where we need to step up to the plate and solve the problem. i don't know how any of us can look our kids and grandkids in the eye and explain to them that we aren't willing to pay for the things we are enjoying today but just going to send them the bill. that's why republicans have the proposal on the table that fixes the problem,
. it is also the excesses. look at the road we are on. a trillion dollar deficit every year. a debt crisis on the horizon. debt on this scale is destructive on so many ways. one of them is that it draws resources away from private charity. even worse is the prospect of a debt crisis, which will, unless we do something very soon. when government finances collapsed, it is the most vulnerable who are the victims, which we are seeing in europe. many feel they have nowhere to turn. we must never let that happen here. and election has come and gone. the people have made their choice. policy-makers still have a duty to choose between ideas that work and those that do not. when one economic policy after another has failed our working families, it is no answer to expressed compassion for them or create government programs that offer promise but do not create reforms. we must come together to advance new strategies for the the people out of poverty. let's go with what works. looking around this room at the men and women who are carrying legacy, i know we are answering the call. this cause is right.
to create jobs, to reduce the deficit, and again have fairness. this is the heart of the 3459er -- matter that is holding us here. as the public watches what is this about? this is about the $250,000 line that the president said in the campaign that he would honor and that that legislation today brings to bear. i urge my colleagues out of 435 members of the house, we only need a couple dozen republicans to sign the discharge petition. each one of them holds the key to a $2,000 tax cut for the middle class. either sign the petition, urge the speaker to bring the bill to the floor, or explain to your constituents why you do not want them to have this $2,000 tax break if they are -- for 100% of the american people. please sign the discharge petition. let's get this done this week. we could bring this bill up under unanimous consent. the message would be clear to the american people. we heard you in the campaign. be fair. do something that works. work togetha >> today, the house democratic caucus chairman charge republicans to protect the middle class from a tax increase. they spoke to report
Search Results 0 to 8 of about 9

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